![\"JPMorgan,](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2022\/11\/jpmorgan-dbs-mas-768x432.jpg\")
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JPMorgan, DBS Bank, and SBI Digital Asset Holdings have completed their first lives trades on a public blockchain using decentralized finance (defi), tokenized deposits, and verifiable credentials under the supervision of the Monetary Authority of Singapore (MAS). Singapore\u2019s central bank is planning two more pilots that involve Standard Chartered Bank, HSBC, and UOB.<\/strong><\/p>\n The Monetary Authority of Singapore (MAS), Singapore\u2019s central bank, announced Wednesday that \u201cthe first industry pilot under the MAS\u2019 Project Guardian that explores potential decentralized finance (defi) applications in wholesale funding markets has completed its first live trades.\u201d<\/p>\n The announcement details that for this pilot:<\/p>\n DBS Bank, JP Morgan, and SBI Digital Asset Holdings conducted foreign exchange and government bond transactions against liquidity pools comprising of tokenized Singapore Government Securities Bonds, Japanese Government Bonds, Japanese Yen (JPY), and Singapore Dollar (SGD).<\/p>\n<\/blockquote>\n The Singaporean central bank\u2019s Project Guardian was announced in May. The regulator explained that since then, it \u201chas engaged the financial industry to identify key areas for collaboration.\u201d<\/p>\n The announcement further reveals:<\/p>\n MAS is launching two new industry pilots.<\/p>\n<\/blockquote>\n The first focuses on trade finance. \u201cStandard Chartered Bank is leading an initiative to explore the issuance of tokens linked to trade finance assets,\u201d the MAS outlined. \u201cThe project aims to digitize the trade distribution market, by transforming trade assets into transferable instruments that are more transparent and accessible to investors.\u201d<\/p>\n The second pilot focuses on wealth management. \u201cHSBC and UOB are working with Marketnode to enable native digital issuance of wealth management products, enhancing issuance efficiency and accessibility for investors,\u201d the central bank described.<\/p>\n MAS Chief Fintech Officer Sopnendu Mohanty commented: \u201cThe live pilots led by industry participants demonstrate that with the appropriate guardrails in place, digital assets and decentralized finance have the potential to transform capital markets. This is a big step towards enabling more efficient and integrated global financial networks.\u201d The official added:<\/p>\n Project Guardian has deepened MAS\u2019 understanding of the digital asset ecosystem and has contributed to the development of Singapore\u2019s digital asset strategy.<\/p>\n<\/blockquote>\n Following the MAS announcement, Tyrone Lobban, JPMorgan\u2019s head of blockchain launch and Onyx Digital Assets, explained on Linkedin that the global investment bank has \u201cexecuted its 1st LIVE trade on public blockchain using defi, tokenized deposits & verifiable credentials as part of Monetary Authority of Singapore (MAS)\u2019s Project Guardian.\u201d<\/p>\n He described: \u201cThis is a massive step forward towards a future where finance can take place in a compliant manner on public blockchain using public defi protocols. The beginnings of Institutional defi are here.\u201d Lobban added:<\/p>\n This is the world\u2019s first bank-issued tokenized deposit and the first trade by regulated Financial Institutions using W3C verifiable credentials for compliant access to defi on public blockchain.<\/p>\n<\/blockquote>\n \u201cTo achieve this we used a modified version of Aave on Polygon Technology blockchain to conduct a trade of tokenized SGD for JPY with SBI Holdings LLC. And we built a digital identity solution that combines identity proofs with trade instructions for \u2018on chain\u2019 verification, opening up a world of composable, pluggable identity,\u201d the JPMorgan executive concluded.<\/p>\nJPMorgan, DBS Bank, SBI, Standard Chartered Bank, HSBC, UOB Participate in MAS Digital Asset Pilots<\/h2>\n
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